Financing Simulator

Price vs SAC

Under Price, every installment carries the same value. At first you pay more interest and amortize little; that ratio flips as the term goes on.

With SAC the amortization stays fixed while interest keeps falling. The first installment is heavier, but in return the total interest paid lands below what Price gives you.

It's a simplified calculation that leaves out TR, insurance and fees.

Real estate, vehicle and consumer financing in Brazil: a complete guide

A financing operation (financiamento) is a long-term credit modality in which a financial institution lends money for the acquisition of a specific asset — typically a property, a vehicle or a high-ticket good — and receives back, over months or decades, the principal plus interest, fees, taxes and insurance. Unlike a generic personal loan (empréstimo pessoal), the financed asset itself serves as collateral through alienação fiduciária, the fiduciary lien created by Law 9.514/1997 and reinforced by Law 10.931/2004 for the Real Estate Financial System (SFI). Because the bank holds the asset until the last installment is paid, the risk for the lender is lower and interest rates tend to be substantially below those of unsecured credit lines.

Financing vs. loan: where the difference really lies

A loan releases free cash that the borrower can spend on anything; a financing pays the seller directly and ties the credit to one specific purchase. Three practical consequences follow: (1) interest rates are lower because of the collateral; (2) the term is longer — up to 35 years for housing, 60 months for cars; (3) the documentation is heavier (property appraisal, vehicle registration, income proof). For the Brazilian consumer, knowing which product fits is the first step toward an efficient debt structure.

SAC vs. Price (Tabela Price): the two amortization systems

Every financing contract has to decide how the monthly payment is split between amortization (principal repayment) and interest (charged over the remaining balance). The two dominant systems in Brazil are SAC and Price, and the choice can change the total cost of the contract by tens of thousands of reais.

• SAC (Sistema de Amortização Constante): the amortization slice is constant every month; interest falls as the balance shrinks, so installments are decreasing. The first payment is the highest, the last is the smallest, and the total interest paid is lower than under Price for the same rate and term. It is the default system in SFH contracts at Caixa.
• Price (Tabela Price): the monthly installment is fixed; at the beginning most of it is interest and very little is amortization, and over time that ratio reverses. Easier to budget, but the borrower carries a larger debt for longer and pays more interest in absolute terms.

Numerically: for a R$ 100,000 loan over 120 months at 11.5% per year, the first SAC installment is around R$ 1,744 versus R$ 1,374 in Price — but SAC ends roughly R$ 25,000 cheaper. SAC suits borrowers with comfortable income and the intention to prepay; Price suits those who need a lower entry installment to fit the bank's commitment-to-income ratio.

CET — Total Effective Cost: looking beyond the nominal rate

The advertised interest rate never tells the full story. The Custo Efetivo Total (CET), regulated by CMN Resolution 3.517/2007 and reinforced by Resolution 4.881/2020, is the percentage that aggregates every cost the borrower will actually face, expressed as an equivalent annual (or monthly) rate. Banks are legally required to disclose it before contract signature.

• Nominal interest (juros remuneratórios) plus the Taxa Referencial (TR) when applicable.
• IOF — Tax on Financial Operations: 0.38% on the principal plus 0.0082% per day (capped at 365 days) for non-real-estate credit; real estate financing is IOF-exempt.
• MIP insurance (Morte e Invalidez Permanente) — life cover that pays off the balance if the borrower dies.
• DFI insurance (Danos Físicos ao Imóvel) — mandatory cover against fire, lightning and structural damage on financed properties.
• Tariffs: monthly administration fee, property appraisal, registration with the cartório de registro de imóveis.

A bank advertising 9.99% per year may end up with a higher CET than a competitor at 10.49%, simply because the insurance and tariff package is heavier. Always compare CET-to-CET when shopping for credit.

Modalities in Brazil: SFH, SBPE, FGTS, vehicle and payroll-deducted

• SFH (Sistema Financeiro de Habitação): residential property up to R$ 2.25 million (limit revised in 2026), interest capped at 12% per year + TR, allows use of FGTS as down payment or to amortize.
• SBPE (Sistema Brasileiro de Poupança e Empréstimo): funded by savings deposits; covers higher-ticket properties; Caixa balcão rate starts around 11.19% + TR in 2026, Banco do Brasil around 11.74% + TR.
• Minha Casa Minha Vida: subsidized rates from roughly 4% per year for families inside the income brackets defined by the program.
• Vehicle financing (CDC): usually 24–60 months, rates ranging from 1.4% to 2.5% per month, with the car registered with fiduciary lien at Detran.
• Payroll-deducted (consignado): installments debited from salary or pension; lowest unsecured rates because of the low default risk.

Strategies to pay less interest

• Extraordinary amortization: every prepayment hits the balance directly and saves all future interest that would have been charged on that slice. Choose between reducing the term (bigger savings) or reducing the installment (more breathing room).
• FGTS for amortization: every 24 months the borrower can use FGTS to amortize or pay installments on SFH contracts, subject to the program's eligibility rules.
• Portability (Resolution CMN 4.292/2013): transfer the outstanding balance to another bank offering a lower rate — Brazilian banks are legally required to accept the migration.
• Refinancing/renegotiation: if Selic falls, ask your current bank to revise the rate before triggering portability.

Risk and payment capacity: the 30% rule

Brazilian banks normally cap the first installment at 30% of gross household income. Going beyond that level squeezes the family budget and raises the probability of default precisely at the moments when unexpected expenses appear — medical bills, unemployment, inflation spikes. Before signing, simulate the worst case: what happens to the budget if Selic rises 2 percentage points, or if one income earner stops contributing for six months?

FAQ

Does SAC always beat Price? In total interest, yes — for the same rate and term. But SAC demands a higher initial income, and many borrowers simply do not qualify under the 30% rule.

Can I switch from Price to SAC during the contract? Not unilaterally; it depends on bank policy and usually requires renegotiation or portability to a new contract.

Why does the bank charge MIP and DFI insurance? Because they protect the collateral and the outstanding balance, ensuring that death or property damage does not leave the lender exposed. They are mandatory in SFH/SFI contracts.

Is TR still relevant in 2026? Yes — it adds roughly 1.17% per year to the nominal rate in SFH/SBPE contracts; for fixed-rate (prefixado) contracts it does not apply.

What is the difference between CET and CESH? CET is the full effective cost; CESH (Custo Efetivo do Seguro Habitacional) isolates the insurance portion, also mandatory in disclosure.